Swedish automaker Volvo is recalling 7,420 sedans and wagons to fix seats that may allow front passengers to move the seats too far forward, putting them at risk of injury in a crash, federal safety officials said Monday.
Luxury automakers Jaguar and Volvo are each recalling about 6,000 recently made automobiles to repair faulty windshield wipers and fuel systems, respectively, according to a notice Monday from federal safety officials.
Ford Motor announced Wednesday that it had reduced its debt by $1.9 billion after note-holders converted their debt into 274 million shares of common stock. The automaker's annual interest expenses will be reduced by $180 million because of the lower debt.
Swedish automaker Volvo is recalling 9,746 cars in the U.S. to repair driver's side airbags that may not deploy during a crash, the National Highway Traffic Safety Administration reported Wednesday. Models affected are the 2010 and 2011 S80 and XC70; the 2010 V70; and the 2011 XC60.
Addressing recent reports that Ford is looking to pull out of its partnership with Mazda, the head of the Japanese carmaker said Wednesday that the alliance remains intact. "We have an agreement with Ford," Mazda CEO Takashi Yamanouchi said. "We are not considering alliances with others at all."
One Chinese company that stands to benefit from China's boom is tiny and little known COGO Group, which provides some of the nuts-and-bolts components and expertise that local manufacturers need to produce top-quality products.
Geely put up $1.3 billion cash for Volvo and issued a note worth $200 million, Ford said in a statement. Ford expects to receive extra proceeds after a later price "true-up."
On Sunday, a pivotal deal got done that highlights China's growing power: Zhejiang Geely Holding announced an agreement to buy Volvo Cars from Ford. Geely's ambitious founder Li Shufu has a goal of selling 200,000 Volvos in China by 2015. Ambitious? Yes. Easy? Not at all.
